Residential home and vacant land sales in Northern Colorado are on the rise in 2013. Both Larimer and Weld counties have seen an increase in home values since 2010. Larimer county home values have increased from a median value of $210,000 in 2010 to $246,900 and Weld county has seen an increase from $169,900 in 2010 to $199,900 today (an increase of 17%).
Home builders and custom home buyers are finding it more difficult to find available and affordable vacant land for building sites. Vacant land sales almost doubled from 2011 to 2012 in Fort Collins, Loveland and Greeley; while median values in Larimer County decreased from $58,000 in 2011 to $47,500 in 2013, Weld County saw an increase in median values for vacant lots from $44,900 to $47,000. Smaller towns in Weld County such as Ault, Eaton, Kersey, Johnstown, and Milliken that have vacant land available are seeing increased activity from local and semi-custom builders seeking expansion out of the larger cities where inventory is scarce.
As more homeowners are relocating to the Northern Colorado area for increased employment opportunities, they are finding the amount of home inventory has decreased substantially if they were looking to purchase a few years back and decided to wait. In 2010, the majority of home buyers were purchasing property at values between $135,000 and $315,000 where they were seeing, on average, around 7 months of home inventory to choose from. Today, that average of home inventory is down to 4 months with median home values up 17%. Low interest rates, increased employment opportunities and USDA funding options in rural areas have all fueled the positive economic impact on the housing market in Northern Colorado.
Statistics compiled from IRES, LLC by Lori E. Jarrett. For more information on the Northern Colorado Real Estate market, click here
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